('Oriole Resources' or 'the Company' or 'the Group')
Work Restarts in Senegal
Oriole Resources, the AIM-quoted exploration company operating in West Africa, is pleased to provide an update on its Dalafin gold project ('Dalafin' or 'the Project') in Senegal, where IAMGOLD Corporation ('IAMGOLD') has the option to spend up to US$8 million to earn a 70% interest (announcement dated 1 March 2018).
IAMGOLD is currently in the second year of its investment, having completed 6,595 metres ('m') of aircore ('AC') drilling, 2,260m of reverse circulation ('RC') drilling and 507m of diamond drilling, to date, at Dalafin's southernmost prospect, Madina Bafé (announcements dated 6 February 2019 and 5 August 2019).
Following seasonal rains, IAMGOLD has advised the Company that it is preparing to restart its 2019/20 work programme. This will include a further planned 2,500m of RC drilling at Madina Bafé, to follow-up on the best results to date, as well as 3,500m of AC drilling at the Saroudia prospect, c.2km to the northwest (announcement dated 28 February 2019). Both prospects have the potential to identify additional mine feed for the Boto gold project, where mine permitting is anticipated later this year.
With IAMGOLD's exploration activities increasing in the immediate vicinity of Dalafin, including its recent discovery at the Karita project in Guinea, the Company believes that it is in a prime location for the exploration and discovery of further resources to add to the already significant gold endowment of the region.
Oriole Resources CEO, Tim Livesey, said: "We are pleased to see IAMGOLD continuing to meet its obligations at Dalafin and look forward to seeing what the next set of results brings. Their success at Boto and along-strike of the Senegal-Mali shear zone continues to highlight the huge potential of the region to host significant and economic gold mineralisation. We are delighted to have such a powerhouse partnered with us on our licence and look forward to results from the upcoming drilling programme.
"Additionally, we are in the process of scheduling a technical review meeting with our partner early in the New Year to discuss the results to date and the next phase of the work programme, which we understand will progress the exploration further north. The most exciting target within the licence to date has been Faré as it has the potential to be a stand-alone deposit. We therefore look forward to the IAMGOLD team moving to that site in due course."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.
Oriole Resources PLC is an AIM-quoted exploration company, focused on West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. Year 1 commitments have been met at all three projects. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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